Obama Open to Short-Term Debt Increase (Bloomberg)

[chill_wind]

Kate Andersen Brower and Julie Hirschfeld Davis -
Jul 20, 2011 7:52 PM ET

The Obama administration signaled it may accept a short-term increase in the U.S. debt limit only if lawmakers need a few days to finish work on a broader agreement to cut the deficit.

President Barack Obama “must have a firm commitment to something big” on cutting the deficit before he would sign a short-term rise in the debt ceiling, White House spokesman Jay Carney told reporters at a briefing. He released a written statement later saying Obama “does not support a short-term extension” unless “a few days” are needed “for a bill to work its way through the legislative process.”

The president called congressional leaders to the White House today as the Aug. 2 deadline for raising the $14.3 trillion debt limit nears.

Obama met today for just under an hour with Senate Majority Leader Harry Reid, second-ranking Senate Democrat Dick Durbin, House Minority Leader Nancy Pelosi and second-ranking House Democrat Steny Hoyer. That meeting followed by a session of about 90 minutes with Speaker John Boehner and Majority Leader Eric Cantor, the top two House Republicans. Obama spoke by telephone with congressional leaders from both parties yesterday, Carney said.

(more)

http://www.bloomberg.com/news/2011-07-20/debt-compromise-pressure-intensifies-in-congress-as-obama-resumes-talks.html

The Hill:

Sides edging toward a short-term deal to increase the debt limit

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4928988

[chill_wind]

1. Reuters (Updates)

Wed Jul 20, 2011 8:31pm EDT

* New stance reflects urgency to avoid default

* Lawmakers seek to combine McConnell-Gang of Six plans

* Obama meets separately with Republicans, Democrats

* Fed making contingency plans in case of default (Updates with Democratic officials, quotes)



WRAPUP 8-Obama open to short-term debt fix if big deal agreed

Jeff Mason and Andy Sullivan

http://www.reuters.com/article/2011/07/21/usa-debt-idUSN1E76I25I20110721

[Major Hogwash]

2. Last week he said he would veto any short-term legislation that Congress sent to him

Now he'll sign it as long as he can make deep cuts in Social Security and cut more taxes.
Great!!!!!!!!!

[chill_wind]

3. There just has to be "something big, something big.. "

CBS:

Carney continued, "We are not wavering on the president's absolute assertion that he won't sign a series of ill-defined... sort of, a toll booth kind of series of provisions that temporarily or in a limited fashion raise the debt ceiling."

Forcing Congress to take repeated votes to raise the debt ceiling would be bad for the market, he said, because it would send the signal that Washington can't handle its fiscal issues.

With that in mind, CBS News White House Correspondent Norah O'Donnell asked Carney today whether Mr. Obama could accept the so-called "gang of six" plan, alongside an agreement for larger deficit reduction.

"If both sides agree to something significant, we will support the measures needed to finalize details," Carney said. "But there is no extension without an agreement on something big -- a firm, committed agreement on something big."

White House: Short-term debt deal OK if needed to finalize big deal
http://www.cbsnews.com/8301-503544_162-20081169-503544.html

[chill_wind]

4. Kick